Gympie house sales outperforming Fraser Coast, South Burnett
PRELIMINARY data from the REIQ'S latest Quarterly Market Monitor has revealed the Gympie region's annual and five-year house price growth has outperformed the Fraser Coast and South Burnett regions.
The latest batch of data shows the Gympie LGA sold 121 houses at a median sale price of $307,500 for a quarterly change of 6.5 per cent, ahead of our northern neighbours (3.2 per cent).
South Burnett (6.7 per cent) registered bigger quarterly growth on fewer sales (50), but Gympie was best in the other two major categories.
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REIQ CEO Antonia Mercorella noted Gympie had "performed solidly" in the past year.
"(Gympie's) median house price (has grown) 2.7 per cent to $290,000," Ms Mercorella said.
"This compares favourably with surrounding markets, such as the Fraser Coast, which grew just 1.1 per cent over the same period and South Burnett, which fell 0.8 per cent over the same period.
"Sales activity of more than 600 transactions in Gympie also indicates a solid level of activity over the year and supports the position that this market is performing well. The house market is delivering solid growth for property owners, while retaining good affordability for those wishing to get into the market.
"Compared with Brisbane, which grew 2.3 per cent, the Gympie house market has compared well to other markets."
Ms Mercorella said the region's "modest" five-year mark had still outranked surrounding areas.
"Over the past five years the Gympie house market has grown 12.8 per cent, which ... has again outperformed larger market of the Fraser Coast. This is a good indicator that growth is sustainable."
"We are optimistic that the economic fundamentals underpinning this market will continue."
Gympie's median unit sale, which softened by 6.2 per cent annually and 7.9 per cent since 2013, was put down to a "product of some oversupply, which is temporary".
"As population growth continues we expect this will be absorbed and prices will recover," Ms Mercorella said.
View the full report on the official REIQ website.